UBS is investigating a takeover of Credit Suisse with a Swiss government guarantee – #UBS #investigating #takeover #Credit #Suisse #Swiss #government #guarantee

FRANKFURT, March 18 (Reuters) – UBS ( UBSG.S ) is exploring a takeover of Credit Suisse ( CSGN.S ) as the Swiss government guarantees against risks offer can be seen doing, two people with knowledge of the matter said on Saturday. .

UBS is under pressure for a takeover by Swiss authorities, the people said. Under the plan, Credit Suisse’s Swiss business could be spun off, they added.

UBS and Swiss financial regulator FINMA declined to comment when contacted by Reuters.

Regulators have urged Credit Suisse Group to close a deal with Swiss rival UBS because it is troubled bank It started a weekend after some competitors were cautious in their dealings with him.

Credit Suisse Chief Financial Officer Dixit Joshi and his team will hold meetings over the weekend to assess the bank’s options, people with knowledge of the matter said on Friday.

167 years old banklast week USA‘s creditors Silicon Valley Bank and is the biggest name caught up in the market turmoil caused by the collapse of Signature Bank, which pushed the Swiss bank into central bank funding 54 billion dollars forced to separate.

UBS 60, dating from the mid-nineteenth century billion Swiss franc (65 billion dollars) is Switzerland’s largest bank by market value and the world’s largest wealth manager.

UBS itself has had its own turbulent times with restrictions on bank secrecy and a bailout during the global financial crisis more than a decade ago.

It went through several restructurings, cut thousands of jobs and brought back its investment bank to reduce risk and improve returns.

Reporting by John O’Donnell; Edited by Elisa Martinuzzi, Tom Sims, and Hugh Lawson

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2023-03-18 17:09:49
Source – reuters

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